Please be specific and try to give a detailed answer for each ques. Thank you! Macroeconomics 2 Q1. Someone jumps out of the bushes and demand s that…

Please be specific and try to give a detailed answer for each ques. Thank you!!

Macroeconomics 2

Q1. Someone jumps out of the bushes and demand s that you tell him about the US economy. In 3-4 paragraphs provide an answer to this person based on your macroeconomics knowledge thus far.

Q2(a) Explain clearly and precisely the difference between the short-run and long-run in macroeconomics. Use an appropriate graph to support your explanation, clearly indicating the short, medium and long run periods of AD and AS.

(b) Select what you would consider your TWO best LEADING economic indicators and why you think they are superior to the other leading indicators. Next, select your two best LAGGING indicators and explain why you think they are better than the others.

Q3(a) With the support of a properly labeled diagram explain the various stages of the business cycle over time. Describe briefly the fiscal and monetary measures that the government uses to moderate instabilities during the business cycle.

(b) The key relationships between inflation and other economic variables can be explained using the Phillips curve and the Fisher relation. Describe these two key relationships with the support of graphs.

Q4(a) In one substantive paragraph, explain the difference in the three methods of calculating the GDP. Do not just define each method; explain the difference.

(b) Identify three factors that make measuring real GDP growth difficult and explain carefully why these factors create problems.

(c) Briefly discuss two possible ways to avoid counting intermediate goods (i.e., double counting) in calculating GDP and the logic behind each method.

(d) Explain the difference between gross domestic product (GDP) and net domestic product (NDP). Which do you consider is a better measure of aggregate output and why?

e) How does the GDP relation to the welfare of individuals in a society?

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